Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Union president admits taking loan kickbacks
PHILADELPHIA, Pa. (12/3/09)--The president of one of Delaware County, Pa.'s, largest labor unions pleaded guilty to accepting kickbacks for illegal loans while working at a credit union. Anthony Forte, president of United Aerospace Workers Local 1069, was charged with fraud, bribery and conspiracy. He told U.S. District Judge Berle Schiller that he was involved in the scheme while serving as executive vice president of Boeing Helicopters CU, a $107 million asset credit union in Ridley Park, Pa. (The Philadelphia Daily News Nov. 18). Indictments said Forte, his brother and six others made $105,000 in fees on $2.54 million in loans to unqualified loan applicants. The credit union's field of membership included employees working at Boeing and their families. But Forte, who was in charge of signing up select employee groups, allowed nonemployees with credit problems to receive loans. Loan applications listed phony relatives and included inflated income. Cheryl Altieri, president/CEO of the credit union, told News Now that Forte no longer works at the credit union and no other employees were involved in the scam. He will be sentenced early in 2010.


RSS





print
News Now LiveWire
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
9 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
12 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
12 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
13 hours ago
.@NJCUL Southern Chapter meeting canceled due to the impending snowstorm
13 hours ago